Citigroup just reported Q1 earnings that beat expectations.
The firm reported adjusted earnings per share of $1.10 on revenues of $19.7 billion.
Analysts were expecting adjusted earnings per share of $1.05 on revenue of $17.6 billion, according to Bloomberg.
"While our market-sensitive products clearly suffered from weak investor sentiment during the quarter, we continued to make progress in several key areas," said CEO Michael Corbat in a statement.
"We grew loans and deposits in our core businesses, reduced our expenses while absorbing a significant repositioning charge, utilized additional Deferred Tax Assets, and generated capital in excess of what we returned to our shareholders," he said.
Investment banking revenues came in at $875 million (versus $907 million expected), down 27%, "primarily reflecting lower industry-wide activity during the current quarter," according to the firm.
Trading revenue came in at $4.1 billion ($3.7 billion), down 15% from the year-ago quarter.
In the same quarter last year, Citi reported earnings of $1.52 per share (versus $1.39 expected) on revenue of $19.80 billion ($19.83 expected).
Last quarter, Citi beat expectations, reporting adjusted earnings per share of $1.06 ($1.05 expected) on revenue of $18.64 billion ($17.93 billion expected).
The first quarter is typically the strongest for investment banks, but analysts are expecting an unusually weak Q1 earnings season on Wall Street this year.
Choppy trading conditions in early 2016, fears over China's growth, and a collapsed oil price have created a "perfect storm" for banks. More on that here.
JPMorgan, Bank of America, and Wells Fargo have already reported first-quarter earnings, each beating or matching analyst expectations despite significant declines in profit.
Morgan Stanley will report Q1 earnings on Monday.
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